54-Page Critique of Reform Act

Dissenters in the House of Representatives argue that while making debtors repay what they can is a sound and uncontroversial notion on which everyone can agree, the Bankrtupcy Abuse and Fraud Prevention Act of 2005 (S. 256) fails to achieve that aim and, on the contrary, imposes additional costs on the parties to a bankruptcy including the government; undermines the rights of the debtor; forces businesses into unnecessary liquidation and favors select classes of creditors (i.e. by industry).